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Despite the recent recovery of the US dollar, the price of gold moved upward towards the resistance level of $1945 an ounce, amid a price gap from last week around the $1893 level.
Gold markets have gapped higher to kick off the trading session on Monday and to start off the new year on the right foot.
In the last hours of 2020 trading, the price of gold received support from investors abandoning the US dollar, which usually has a negative correlation to the yellow metal.
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Gold markets rallied a bit during the trading session on New Year’s Eve, as the market is trying to break above a major trendline.
The price of gold received support from the USD's decline and tried to break through the level of psychological resistance at $1900 an ounce, which it reached at the beginning of this week’s trading.
The gold markets found buying pressure during the trading session on Wednesday, reaching towards the $1900 level.
Gold futures fluctuated during recent trading sessions as the yellow metal struggled to find a tangible trend during a quiet trading week.
Gold markets continue to hover just below the $1900 level during trading on Tuesday, as we simply have nowhere to be.
The price of an ounce of gold pushed to the $1900 resistance at the beginning of this week's trading, but quickly retreated to the $1869 support before stabilizing around the $1879 level as of this writing.
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The gold markets tried to rally during the trading session on Monday in what would have been very thin trading.
With the continued pressure on the US dollar, gold had the opportunity to move higher and reach the $1883 resistance.
Gold markets rallied during the trading session on Thursday, heading into the Christmas season.
Gold markets have recently been drifting lower, pulling back from the $2100 level which was the recent high.
With the near closure of markets for the holidays, the price of gold is expected to move in a limited range with an upward tendency.
Gold markets rallied during the trading session on Wednesday, breaking above the 50-day EMA yet again.